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Shanghai index drops 0.21% on profit taking
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The trading of Shanghai shares was mixed this morning as investors locked in gains made earlier. The benchmark Shanghai Composite Index shed 0.21 percent to 2,181.05 points by midday. The turnover was 58.9 billion yuan (US$9.62 billion).
"The market is still in the correction phase as reflected in adjustments of free trade zone-related stocks and lenders as well as a shrinking trade volume," said GF Securities.
The brokerage said investors are concerned about the economic data for September, the resumption of IPOs and the influence of coming holidays.
Zhang Yidong, the chief analyst at GF Securities, said the liquidity situation is not optimistic in medium term though the shortage will not show at the markets in September.
Shanghai-listed Jahwa United tumbled by the daily limit of 10 percent to 48.35 yuan this morning after chairman Ge Wenyao suddenly resigned yesterday over a dispute with a company's major shareholder.
Ge, who resigned as chairman of Shanghai Jahwa Group, the parent of Jahwa United, in June, said he quit the job "due to age and health reasons."
The free-trade-zone-concept stocks were biggest winners this morning. Shanghai Waigaoqiao Free Trade Zone Development Co, which will operate two of the four bonded areas in the pilot free trade zone, rose 4.27 percent to 46.34 yuan, after rebounding from 14.85 yuan on August 30.
Shanghai Jinqiao Export Processing Zone Development Co rallied from yesterday's losses, gaining 4.67 percent to 13.90 yuan.
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